| Interest Rate | Grace Period | Margin Money |
| 8.10% PA | Course Period + 1 Year | 15% |
Table of Contents:
- Types of Bank of Maharashtra Education Loan
- Bank of Maharashtra Abroad Education Loan
- Bank of Maharashtra Education Loan Interest Rate
- Documents Required for Bank of Maharashtra Education Loan
- Frequently Asked Questions
Education has the power to change one’s life. However, the rising cost of education can make it difficult for students. Whether you aim to study in India or abroad, funds and expenses can often come between your goals. This is where taking a loan comes to your rescue. Bank of Maharashtra education loan ensures that money never becomes a barrier to your education dreams.
Types of Bank of Maharashtra Education Loan
Bank of Maharashtra offers various education loans for students planning to study in India or abroad. The different types of Bank of Maharashtra education loans are as follows:
| Type of Loan | Features |
| Maha Scholar Education Loan | For higher studies in premier institutions in India |
| Model Education Loan | For higher studies in India and abroad for recognized universities |
| Mahabank Skill Loan | For skill development courses |
| Maha Scholar Overseas Education Loan | For deserving / meritorious students for full-time regular courses in premier foreign colleges/universities |
Bank of Maharashtra Abroad Education Loan
Bank of Maharashtra offers loans to students for their studies in India and abroad. The bank offers a Model Education Loan scheme and a Maha Scholar Overseas Education Loan scheme for students planning to study abroad. The details are as follows:
| Type of Loan | Features |
| Maximum Amount |
|
| Eligibility |
|
| Security |
|
| Margin | 15% |
| Interest Rate | 8.10% PA |
| Repayment | Through EMI upto 15 years |
| Processing Fee | 0.50% of the Loan (refundable if a student takes up the course) |
Note: Students can get a concession of up to 1% if they pay Simple Interest during the moratorium period.
Bank of Maharashtra Education Loan Interest Rate
Calculating your interest rate when planning to take an education loan is very important, as the interest rate decides your overall loan cost. The Bank of Maharashtra offers a 0.50% concession if you are a female student. The bank also offers meritorious students a 0.25% concession on the interest rate. Bank of Maharashtra education loan interest rate is as follows:
Model Education Loan:
| Loan Amount | ROI | Effective ROI |
| Up to INR 7.5 lakhs | RLLR + 2.00 | 11.30 |
| Above INR 7.5 lakhs | RLLR + 1.65 | 10.95 |
Maha Scholar Overseas Education Loan:
| ROI | Effective ROI |
| RLLR + 0.50 | 9.80 |
Documents Required for Bank of Maharashtra Education Loan
While applying for your education loan to study abroad, you need to submit various documents to the bank for a successful loan application. Here’s a list of documents required for a Bank of Maharashtra education loan:
- Identity and Address proof
- Pan Card
- Admission proof through Entrance test / Merit-based selection
- Academic certificate
- Graduation mark sheets/certificates
- Exam scorecard (entrance exam)
- Recognition of institute/college / university
- Admission letter
- Prospectus of institute/college / university
- The fee structure of the program
- Receipt of the fee already paid
Proof of Income (for salaried class):
- For the last 2 years, ITR
- Form 16
- Last 3 months’ salary slips
- The last 6 months’ bank statements
Proof of Income (non-salaried class):
- For the last 2 years, ITR
- Audited balance sheet
- Last 12 months’ bank statements
- Tax paid challan / 26AS
- Business proof – Proprietor – shop act / Gramapanchayath certificate
For agriculturists who do not have an Income Tax Return (ITR), an income certificate issued by the Tahsildar, 8A & all 7/12 or other appropriate authorities is necessary.
Frequently Asked Questions
Who can apply for a Bank of Maharashtra education loan abroad?
A student who is an Indian citizen planning to pursue education abroad at recognized institutions can apply for a Bank of Maharashtra education loan abroad.
What is the moratorium period for Bank of Maharashtra education loan abroad?
The repayment of an education loan abroad starts one year after completing your course. You can repay your loan for 15 years via EMI.
Is collateral required for a Bank of Maharashtra education loan abroad?
No collateral security is required for a loan up to and above INR 7.50 lakhs. Borrowers are required to provide acceptable tangible security along with a sufficient margin.
What expenses does the Bank of Maharashtra education loan cover?
Bank of Maharashtra education loans cover various expenses for students. The expenses cover tuition, hostel fees, books, Laptop/Computer costs, and more.
How do you get an education loan from the Bank of Maharashtra?
You can apply online for a Bank of Maharashtra education loan or visit your nearest bank branch. However, we recommend submitting your education loan application via Nomad Credit if you wish to save time.
